Texas Finance Code

§ 348.517 — LICENSE HOLDER'S RECORDS; DOCUMENT RETENTION REQUIREMENTS

FI § 348.517Title 4. REGULATION OF INTEREST, LOANS, AND FINANCED TRANSACTIONS · Part B. LOANS AND FINANCED TRANSACTIONS · Ch. 348. MOTOR VEHICLE INSTALLMENT SALES · Art. F. LICENSING; ADMINISTRATION OF CHAPTER

Statute text

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(a)A license holder shall maintain a record of each retail installment transaction made under this chapter as is necessary to enable the commissioner to determine whether the license holder is complying with this chapter.

(b)A license holder shall keep the record until the later of:

(1)the fourth anniversary of the date of the retail installment transaction; or

(2)the second anniversary of the date on which the final entry is made in the record.

(c)A record described by Subsection (a) must be prepared in accordance with accepted accounting practices.

(d)The commissioner shall accept a license holder's system of records if the system discloses the information reasonably required under Subsection (a).

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Legislative history

Acts 2009, 81st Leg., R.S., Ch. 676 (H.B. 2438), Sec. 11, eff. September 1, 2009. Acts 2009, 81st Leg., R.S., Ch. 676 (H.B. 2438), Sec. 12, eff. September 1, 2009.